NATIONAL ASSEMBLY PASSES N9.12 TRILLION BUDGET FOR 2018

ABUJA, Nigeria – The National Assembly today passed N9.12 billion budget for the year 2018. The total money passed is N508.33 billion above the N8.612 submitted by President Muhammadu Buhari to the joint session of the house in November 7, 2017.

Benchmark for crude oil was raised from $45 per barrel to $50.5 per barrel. The lawmakers also adopted a benchmark of N305 to a dollar with total production put at 2.3 million barrels of oil per day.

A breakdown of the figure shows that the sum of N530.42 billion  was set aside for statutory transfer and N2.20 trillion for debt service. The sum of N199 billion war earmarked as sinking fund for maturing loans; N3.51 trillion  for recurrent (non debt) expenditure, while N2.86 trillion is for development fund for capital expenditure.